We find out next week if our stubbornly high inflation which went against consensus and actually increased by .1% last month did finally come back down again. As a result of inflation still being so sticky the Bank of Canada decided in their infinite wisdom to increase the overall lending rate by 25 basis points or .25% at their last meeting.
I don’t know how much more of this people can actually take before they comprehend that they have to cut back on their spending. Just to illustrate the point about this regarding non necessary spending effecting overall inflationary numbers. There was recently a concert by Beyonce in Stockholm Sweden over the 10th and 11th of May. So concert goers paid for tickets, meals out on the town and accommodation for those who traveled to see her show. This resulted in a .3 % increase in their overall inflationary rate because of all the spending that was happening directly linked to this concert.
What this all means is that our individual actions make a difference towards the overall economy. When too many people are opening up their wallets instead of sitting on them, then we will all continue to suffer with higher inflation. Now don’t get me wrong I love music, movies and eating out, however something has to give for us to see inflation coming steadily back down to 2%. Let’s all do our part and end the relentless rate increases.
Today I am thankful for fun trivia games that I get to play with my daughter in traffic, learning to spend a little less so we can bring an end to inflation and Friday night movie night at home with the family.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here